In recent years, the number of retail transactions conducted online over the World Wide Web have accounted for a substantial amount of commerce. For example, in 2010 e-commerce retail sales have been estimated to total 165.4 billion dollars, up 14.8% from 2009. Further, the amount of commerce accounted for online is predicted to continue increasing in the future.
Many methods have been utilized to facilitate payment between a retailer and a customer in such transactions. Currently, online payment methods are account-based, such that the customer must hold some form of account and have a prior arrangement with a third party entity in order to facilitate payment. Credit, debit, prepaid gift card, and automated clearing house (ACH) payment techniques are examples of typical account-based systems. In these systems a customer generally provides account information to the online retailer, which then allows the retailer to obtain payment from a third party entity associated with the customer's account.
Other common account-based services are embodied as online account services such as PayPal™. With a PayPal™ account, a user typically deposits funds in an account using another account, or can obtain funds in the online account as a result of payments from other PayPal™ users. When a transaction is undertaken with a retailer which utilizes a PayPal™ account for payment, funds are transferred from a PayPal™ account in a similar manner as how a credit, debit, or ACH payment transaction is undertaken.
Unfortunately, the present account-based systems are deficient with respect to a substantial number of internet users. Many of these users may not have access to the requisite accounts necessary to complete such transactions. For example, these users may be under-banked in that they do not have or are unable to obtain a bank account. Additionally, many individuals are not able to have access to credit cards. In such circumstances, these users may be required to utilize cash for every day purchases. Further, it is noted that some users may simply prefer to utilize only cash for such purchases regardless of the fact that they have access to such accounts.
Under-banked users may also have problems receiving online payments with respect to web activity. For example, in the event that a user has sold an item online or is owed money from another online service, without a bank account it is difficult for a user to receive funds. Some services allow for checks to be directed to a user. However, in the circumstance that a user does not have a bank account, a check may not be an ideal form of payment and cash would be preferable. Further, some users may require payment in a foreign country where their regular banking is inaccessible. It could also be preferable for these users to be able to obtain a cash payment in the currency of the foreign country.